President Muhammadu Buhari has sent the 2020 Finance Bill to the House of Representatives for consideration and passage.
This was disclosed by the Speaker, Femi Gbajabiamila, when he was reading out Buhari’s letter at the opening of Tuesday’s plenary.
The bill proposes various amendments to existing tax laws and financial regulations in response to the negative impact of the COVID-19 pandemic on the economy and the current recession.
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— House of Reps NGR (@HouseNGR) December 1, 2020
What you need to know
The Finance Bill 2020 “seeks to support the implementation of the 2021 Budget by proposing key reforms on taxation, customs, excise, and fiscal among others.
Federal Government proposed to slash import duties of tractors, transport vehicles, and others to further cushion current socio-economic conditions in the country.
Media aide to Vice President Yemi Osinbajo, Laolu Akande, tweeted:
“President Muhammadu Buhari’s administration is proposing more tax incentives in the 2020 Finance Bill including import duty reductions from 35 to 10% & 0% levies on tractors, transport vehicles & co, 50% reduction of minimum tax, specific TETFUND exemption.
“There would also be tax relief for contributions to the COVID-19 Relief Fund, while retirees’ compensation exemption threshold is to be raised from N10,000 to N10million & software acquisition would now qualify as capital expenditure allowing for tax recovery of same. Expect more.”
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